UPDATE: Guggenheim Upgrades Capital One and Regions Financial; Raises PT's
According to a research report published earlier today, Guggenheim has upgraded Capital One Financial Corp. (NYSE: COF) from Neutral to Buy and increased PT from $54 to $67. Guggenheim also upgraded Regions Financial Corp. (NYSE: RF) from Neutral to Buy and increased PT from $6 to $9.
In the report, Guggenheim commented, “Capital One has two announced acquisitions that we expect to be accretive over the next year. While Regions has traded toward tangible book value, we believe that earnings momentum over the next year will be strong as asset quality pressures subside. Also, Regions currently trades at the low end of our Large-Cap P/Es with less than a 7x multiple on our 2013E EPS.”
Capital One closed yesterday at $55.13. Regions Financial closed yesterday at $6.46.
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